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Normally, faced with high unemployment and stagnant growth, leaders would spend to stimulate the economy, investing in infrastructure, education and job training.
The impact of near-zero interest rates after Federal Reserve cuts should help, too, he said, along with the hundreds of billions the Treasury has spent or will spend to stimulate the economy.
However, Stern's colleague Dimitri Zenghelis, at the Grantham Institute, London, said that it was too early to draw up a definitive green ranking: "We have yet to see the full amounts governments are going to spend to stimulate the economy".
Rania Antonopoulos, the deputy labour minister, studied at the New School for Social Research, a hotbed of leftist thought in New York.Mr Tsakalotos describes Syriza as "close to the Keynesian mainstream", citing the British economist's view that governments should spend to stimulate the economy during a recession.
"The government always wants you to go out and spend, to stimulate the economy," says Tom McPhail, of Hargreaves Lansdown.
Would taxpayers in the US agree to borrow more to spend to stimulate their economy that also spills over to aid European growth?
Similar(50)
The extra retained (after-tax) income in the hands of affluent shareholders will not be spent to stimulate the economy.
And what guarantee is there that the exempted wages would then be spent to stimulate the economy?
Mr. Summers argues instead that the government should focus on tax cuts and directed spending to stimulate private spending and investment, policies for which there is little political appetite.
Several million dollars will be spent to stimulate regional transportation and aid construction of the city's M-1 rail project.
Yet bond vigilantes and other austerity advocates think governments are cheating in some way by spending to stimulate economic growth, and create jobs.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com